Humanity Protocol Gets Unicorn Status Following Latest Fundraise

Humanity Protocol, a zkEVM Layer 2 blockchain focused on improving network security, has secured a fully diluted valuation of $1.1 billion. This comes after it successfully raised $20 million in funding co-led by Pantera Capital and Jump Crypto.

Revolutionizing Digital Identity with Palm Scan Technology

According to the identification verification blockchain firm, the company is developing a system that will use palm scans to verify the identity of users. The move is to guarantee that only real people gain access online and eliminate bots.

As per the report, the funds raised will go a long way into launching its product and expanding into new areas in the next couple of months.

Terence Kwok, founder, explained that the protocol will enable users to verify that they are humans without revealing their identity. The company’s objective is to solve issues of online fraud, fake accounts, and the proliferation of bots in crypto.

Biometric Solutions Gaining Momentum in Crypto Space

For clarity, a fully diluted valuation refers to the cumulative worth of a company if it issues all its potential shares. Hence, in this case, if Humanity Protocol successfully issues all its shares, it will amount to $1.1 billion.

Tech experts predict this sector might likely witness a boom, given the growing traction in artificial intelligence (AI). As such, companies specializing in digital identity verification could soar in value as concerns about deepfakes increase.

Additionally, the crypto sector remains keen on combating the lingering cases of cyber fraud that have resulted in the loss of massive funds. Users will continue to demand more efficient tools to tackle attempts by malicious actors to steal.

Humanity Protocol Token Launch and Industry Outlook

Meanwhile, Humanity Protocol is inching closer to launching its crypto token. According to Kwok, final preparations were in top gear to guarantee a successful launch.

Blockchain startups are shifting to biometrics to cash in on the growing demand. World Network, founded by OpenAI’s CEO, Sam Altman, is one notable example. The platform allows users to create a verified ID from images of their face and eyes.

Market watchers anticipate a resurgence in crypto activities and related innovations following the second term administration of U.S. President Donald Trump. Trump’s recent executive order has signaled he would work towards fulfilling his campaign promise of making the U.S. a global leader in the crypto sector.